Last week I detailed how stronger, faster economic growth is in the best interests of all Americans. Here are some of the U.S. Chamber of Commerce’s specific ideas for setting our country on a path to achieve that growth.
Provide Regulatory Relief and Reform. We must roll back many of the costly and excessive rules that are hampering economic growth. The regulatory system itself, which hasn’t been updated in 70 years, must also be reformed to promote smarter, more transparent regulation.
Harness U.S. Energy. America must safely and responsibly develop energy of all kinds to help drive growth, create jobs, lower energy costs, generate tax revenues, and strengthen national security.
Modernize Our Infrastructure. From roads and bridges to airports and seaports to pipelines and power grids, America’s infrastructure should be the most modern and efficient in the world. We need a permitting process that works quickly and efficiently, and we need both private financing and a sustainable federal funding source to cover the costs.
Overhaul Our Tax Code. We have a once-in-a-generation chance to adopt commonsense tax reforms that will drive tremendous growth in our economy. These reforms should include lowering tax rates for both businesses and individuals, ending the bias against capital investment, and instituting an internationally competitive system of taxation.
Expand American Trade. The Chamber will continue to lead the fight for tough, enforceable trade agreements that benefit American businesses, farmers, and workers and help the United States set global trade standards. If we want stronger, faster growth, boosting trade would help significantly.
Foster a Competitive Workforce. Fixing K–12 education and rethinking our approach to workforce training will enable us to better meet the needs of our economy and connect people to jobs. This is critical to driving growth and helping those who feel left behind in our changing economy.
Reform America’s Legal System. Excessive litigation is one of the biggest barriers to job creation. We have a golden opportunity to enact medical liability reform, fight unwarranted litigation, and prevent the legal extortion of billions of dollars out of private companies every year.
I laid out each of these priorities in detail at the Chamber’s annual State of American Business event last week. You can read the full speech at uschamber.com/soab. These policies are among 300 that the Chamber will advance this year, all of which support stronger economic growth. We believe that every American can unite around this mission because growth is the only way to achieve job creation, higher wages, and expanded opportunity for all.